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Definition:
A partnership is defined as “the relationship that subsists between two or more persons carrying on a business in common with a view to making a profit.” (Partnership Act).Membership:There may be a minimum of two and a maximum of twenty members in a partnership. In the U.K however, the Partnership Act 1934 CAP 29 provides that the maximum number of partners in a firm that offers personal/professional services may be up to 50 if each partner is professionally qualified, e.g. Accountants, Lawyers, architects doctors, surgeons etc.Types of Partners:
Partners may be classified into the following categories:a) Active or dormant;b) Limited or Unlimited;c) Adult or Minor;d) Real or Quasi.
Prove that accounting equation is satisfied in all the following transactions of Mr.X 1. Commenced business with cash - Rs.80,000 2. Pu
Dissolution If the winding up continues for more than a year, the liquidator must file progress reports with the registrar at such intervals as the court may prescribe s.333. W
Distribution of Assets 1. Proof of debts : If the company is insolvent, the rules in bankruptcy as to provable debts, secured creditors, interests, mutual dealings, annuiti
The standard EOQ analysis is depends on the assumption which the price per unit keeps constant irrespective of the size of the order. While quantity discounts are obtainable, that
You own a two-bond portfolio. Each has a par value of $1,000. Bond A matures in five years, has a coupon rate of 8 percent, and has an annual yield to maturity of 9.20 percent. Bon
methods of stock valuation
Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material
Q. Sensitivity Analysis of Project? This system measures the change in project NPV arising from a fixed change in each project variable or measures the change in every project
Q. Prior period adjustments a. may only increase retained earnings. b. may only decrease retained earnings. c. may either increase or decrease retained earnings. d. do not affect r
Example of outbound logistics in bank
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